Following the Central Bank of Ireland’s Dear CEO letter of 20 January 2023 and, in particular, the requirement that payment and e-money firms obtain a specific audit of their compliance with the safeguarding requirements under the PSR/EMR an acceptable format for these engagements has been agreed. We will issue guidance to our members on performing these engagements in due course.  Payment and e-money firms are required to prepare a detailed document setting out a description of aspects of their organisational arrangements to secure their compliance with the relevant safeguarding requirements under the PSR/EMR.   Theses forms should also prepare an assertion, approved by the Board of directors, stating that in all material respects 1 the description is fairly presented, and 2 the controls and processes included in the description were operating as described at the reference date. Further details are outlined in the Safeguarding Notice to Payment and E-Money Firms. These reports are due by 31 October 2023.  Members will be informed via eNews when our guidance is published. 

Welcome to this week’s Technical Roundup.    In developments this week, the European Financial Reporting Advisory Group is holding a symposium on Connectivity between financial reporting and sustainability reporting at the European Accounting Association Annual Congress which will take place in Helsinki and Espoo on 26 May, 2023; the Joint Committee of the European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) has published its 2022 Annual Report, which provides an account of its joint work completed over the past year.  Read more on these and other developments that may be of interest to members below.  Financial Reporting IAASA, Ireland’s accounting enforcer, has published a Paper “Transparency Regulations – information requests”. This Paper lists some information requests that IAASA has made to companies as part of its financial statement examinations. In its recent letter to the EC’s President Ursula von der Leyen & Commissioner Mairead McGuinness, Accountancy Europe have addressed the recent commitments by the EC to simplify reporting requirements in the green, digital and economic thematic areas. Specifically, the EC have recommended that any upcoming legislative proposals should not be rushed, should be based on independent and costed impact assessments, should be subject to public consultation and should be field tested. The Financial Reporting Council (FRC) has issued Amendments to Basis for Conclusions FRS 101 Reduced Disclosure Framework - 2022/23 cycle. This completes the annual review by the FRC of the FRS 101 standard, which proposed no amendments. The International Accounting Standards Board (IASB) has issued amendments to IAS 12 Income Taxes. The amendments give companies temporary relief from accounting for deferred taxes arising from the Organisation for Economic Co-operation and Development’s (OECD) international tax reform. The IASB has also issued amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosure. These amendments are intended to enhance the transparency of supplier finance arrangements and include additional disclosures. The changes are effective for accounting periods beginning on or after 1 January 2024. The European Financial Reporting Advisory Group (EFRAG) is asking for preparers to provide input to an academic study on the effects of the adoptions of IFRS 15. This is to assist in EFRAG’s work on the post-implementation review of the standard. The UK’s Department for Business and Trade is seeking views on the non-financial reporting requirements UK companies need to comply with to produce their annual report, and whether company size thresholds remain appropriate. This consultation remains open until 16 August. The European Financial Reporting Advisory Group (EFRAG) is holding a symposium on Connectivity between financial reporting and sustainability reporting at the European Accounting Association Annual Congress which will take place in Helsinki and Espoo on 26 May, 2023. Audit The Financial Reporting Council (FRC) has announced the Audit Committees and the External Audit: Minimum Standard, which comes after careful consideration of the consultation responses received from stakeholders. Corporate Governance The Financial Reporting Council has launched a public consultation on proposed revisions to the UK Corporate Governance Code. This follows the UK Government's response to the White Paper, Restoring Trust in Audit and Corporate Governance, which identified areas of reform related to a particular focus on directors' responsibilities for internal control, risk, audit and corporate reporting. Comments on the questions set out in this consultation document are requested by Wednesday 13 September 2023. Other Safeguarding reports for payment and electronic money firms The Central Bank of Ireland have issued a communication to clarify the nature of the specific audit of compliance with the safeguarding requirements under the Payment Services Regulations (PSR)/ Electronic Money Regulations (EMR), as communicated in the Central Bank’s letter dated 20 January 2023, addressed to all payment and electronic money institutions authorised in Ireland. The European Securities and Markets Authority (ESMA) is consulting on draft regulatory technical standards (RTS) under the revised ELTIF Regulation. Interested stakeholders are invited to provide input by 24 August 2023.  ESMA will consider the feedback it receives to this consultation in Q3/Q4 2023 and expects to publish a final report and submit the draft technical standards to the European Commission for endorsement by 10 January 2024. The Joint Committee of the European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) has  published its 2022 Annual Report, which provides an account of its joint work completed over the past year.  It focused on issues of cross-sectoral relevance, such as joint risk assessment, sustainable finance, digitalisation, consumer protection, securitisation, financial conglomerates, and central clearing. Sustainability Accountancy Europe has announced that it has joined EU Green Week, which raises awareness, promotes and discusses European environmental policy. For further technical information and updates please visit the Technical Hub on the Institute website. Technical Hub on the Institute website.     

The CCAB-I Insolvency Committee has today published Technical Alert 03 2023 Changes to examinership regulations. This Technical Alert provides updates on significant changes to the examinership process following the introduction of The European Union (Preventive Restructuring) Regulations 2022 (SI 380/2022) and outlines a number of the key amendments to Companies Act 2014 arising from the transposition of EU Directive 2019/1023.

Welcome to this week’s Technical Roundup.    In developments this week, the IFRS Foundation has published educational material to illustrate how the IFRS for SMEs Accounting Standard requires companies to consider climate-related matters that have a material effect on the financial statements; a new tool from the International Federation of Accountants (IFAC) is now available to help professional accountancy organizations (PAOs) take leading roles in the anti-corruption fight in their jurisdictions. Read more on these and other developments that may be of interest to members below.  Audit IAASA has published its 2022 Annual Audit Programme and Activity Report. This report provides a summary of the activities performed by IAASA during 2022 to oversee the audit profession in Ireland. Financial Reporting The IFRS Foundation has published educational material to illustrate how the IFRS for SMEs Accounting Standard requires companies to consider climate-related matters that have a material effect on the financial statements. While the IFRS for SMEs Accounting Standard does not explicitly refer to climate-related matters, there are many areas of the standard where entities should consider climate-related matters and how this impacts accounting treatment. The educational material has been developed in response to feedback from some members of the SME Implementation Group and respondents to the 2022 Exposure Draft Third edition of the IFRS for SMEs Accounting Standard. This feedback identifies that interest in the potential effects of climate-related matters on SMEs’ financial statements is growing among users of those statements. The UK Endorsement Board has adopted Lease Liability in a Sale and Leaseback- Amendments to IFRS 16. The Amendments add subsequent measurement requirements for sale and leaseback transactions to improve the requirements for such transactions in IFRS 16 Leases. These amendments were issued in September 2022 by the International Accounting Standards Board. The amendments have an effective date of 1 January 2024, with early application permitted. The European Council has extended the scope of rules to transfers of crypto assets, with the intention of making it more difficult for criminals to circumvent anti-money laundering rules via crypto currencies. Under the new rules, crypto asset service providers are obliged to collect and make accessible certain information about the sender and beneficiary of crypto transfers, regardless of the amount being transacted. Sustainability In a EU Green Week 2023 partner event, the Association of Chartered Certified Accountants (ACCA), Accountancy Europe and the International Federation of Accountants (IFAC) will bring together global experts on 8 June to discuss the skills and education needed for finance professionals to contribute to a green and just transition. Insolvency The Insolvency Service in the UK is seeking views on proposed changes to its statistics publications to ensure it continues to produce relevant statistics that meet users' needs. The consultation closes on 30 June 2023. Other The FRC is hosting a webinar on the proposed revisions to Technical Actuarial Standard 300 (TAS 300) and the introduction of Technical Actuarial Standard 310 (TAS 310) relating to pensions. The proposed revisions include requirements for providing advice on setting actuarial factors and for bulk transfer exercises including buyout transactions with an insurer and transfers to a pension superfund. TAS 310 sets out the standards for actuarial work in relation to collective money purchase pension schemes.  The CCAB-I Business Law Committee has published a Technical Alert entitled Questions and Answers on the provision of PPSN for directors on certain CRO filings. This document outlines what is required under the new requirement, the potential issues arising and some practical guidance on actions that directors and their advisors can take to prepare for the new requirement which comes into effect on 11 June 2023. The European Securities and Markets Authority has released the latest edition of its Spotlight on Markets Newsletter. This Newsletter includes details of the third edition of the ESMA’s Data Quality report. On 8 May 2023, the Department of Enterprise Trade and Employment (DETE) launched a public consultation on proposals to enhance the Companies Act 2014. DETE has published a press release and consultation paper ion their website. The Institute will be making a submission in response to the consultation on behalf of members and all submissions can be emailed to companylawconsultation@enterprise.gov.ie .The closing date is no later than 5pm on 9 June 2023. A new tool from the International Federation of Accountants (IFAC) is now available to help professional accountancy organizations (PAOs) take leading roles in the anti-corruption fight in their jurisdictions. Global Fight, Local Actions: Anti-Corruption Advocacy Workbook for PAOs equips PAOs and accountancy profession leaders with the background and framework to craft bespoke approaches and messages that best fit their jurisdiction and needs. For further technical information and updates please visit the Technical Hub on the Institute website. Technical Hub on the Institute website.     

Welcome to this week’s Technical Roundup.    In developments this week, the International Sustainability Standards Board has published Exposure Draft Methodology for Enhancing the International Applicability of the SASB Standards; the European Securities and Markets Authority has decided to postpone to 2024 the amendment of the European Single Electronic Format (ESEF) Regulatory Technical Standard (RTS). Read more on these and other developments that may be of interest to members below.  Financial Reporting The European Financial Reporting Advisory Group (EFRAG) has published its draft comment letter in response to the International Accounting Standards Board’s (IASB) Exposure Draft 2023/2 Amendments to the Classification and Measurement of Financial Instruments. Comments are requested by EFRAG until 30 June 2023. EFRAG, along with ICAS and EFFAS have published The production and consumption of information on intangibles: An empirical investigation of preparers and users. This academic study looks at the measures and disclosures on unreported intangibles that are considered useful for decision making in financial statements. The Financial Reporting Council (FRC) has published a consultation to revise Technical Actuarial Standard 300 (TAS 300) and introduce Technical Actuarial Standard 310 (TAS 310), aimed at ensuring the actuarial standards in relation to pensions remain relevant and reflect developments in the pension industry. Audit The Commission for the Regulation of Utilities (CRU) has issued updated guidance for PSO Notification to Suppliers - Engagement of Auditors 2023-24, the updates reflect the revised ISRS 4400 Engagements to perform Agreed-upon Procedures regarding Financial Information. https://www.cru.ie/publications/27473/ Anti money laundering The UK National Crime Agency has issued its latest SARs in Action Issue 20. It deals with topics such as key trends in fraud, romance fraud, money mules and fraud communications and the accountancy sector as an attractive target for payment diversion fraud. Sustainability Public Sector Guidance to Report on Sustainability Program Information.  The International Public Sector Accounting Standards Board (IPSASB®), developer of IPSAS, international accrual-based accounting standards for use by governments and other public sector entities around the world, has issued Reporting Sustainability Program Information—Amendments to RPGs 1 and 3: Additional Non-Authoritative Guidance. To access this guidance, its summary At-a-Glance document, and webcast, visit the IPSASB website. The International Sustainability Standards Board has published Exposure Draft Methodology for Enhancing the International Applicability of the SASB Standards.  The document will be available to download from the Open for comment section and from the International Applicability of the SASB Standards project page. The Irish Central Bank has recently issued a financial stability note entitled “Going Green, The Growth in Green Mortgage Financing in Ireland” .Content includes an overview, characteristics of green mortgages and comparison of green and non-green market shares. Click to read an article on “How Ireland Is Becoming a leader in Renewable Energy Technology” Other The European Securities and Markets Authority (ESMA) has decided to postpone to 2024 the amendment of the European Single Electronic Format (ESEF) Regulatory Technical Standard (RTS). This decision is in part due to the limited changes in the 2023 update to the International Financial Reporting Standards (IFRS) Taxonomy. On May 8th, 2023, the Dept. Of Enterprise Trade and Employment (DETE) launched a public consultation on proposals to enhance the Companies Act 2014. Please click the link for the DETE press release on the consultation and here to access the consultation and submissions can be e mailed to companylawconsultation@enterprise.gov.ie. The Institute will be working with the various committees to respond to the consultation on behalf of members The closing date is no later than 5pm on 9 June 2023. The consultation is divided into four sections and below you can read a summary of what each section entails if you click onto an Institute news article here. The Institute recently hosted a webinar on the Protected Disclosures (Amendment) Act 2022 which was moderated by Stephen Lowry, Public Policy manager at the Institute. Panellists were Barry Robinson of BDO Ireland, Michael Deeny, an experienced compliance officer and Annelie Demred of Whistlelink, and Institute Technical Manager, Lilian Halpin. The webinar gave an overview of the new legislation, client insights and their experience of implementation together with a demonstration of a whistleblowing compliance tool. You can view a recording of the webinar here: https://lnkd.in/erP92edn Government approval has been welcomed for the priority drafting of legislation to enhance the protection of employees in collective redundancies following insolvency. According to DETE the Bill will further enhance the protection of employees in a collective redundancy situation following their employer’s insolvency by amending the Protection of Employment Act 1977, which governs collective redundancy rules, and the Companies Act 2014. The Bill will also provide for the establishment of a new statutory Employment Law Review Group which will advise the Minister for Enterprise, Trade and Employment on all aspects of employment and redundancy law. The Bill will strengthen the already robust legislative protections and safeguards afforded to the employees. The Companies Registration Office (CRO) has issued the revised date for the requirement to provide a company director’s PPSN for certain filings. The date is now Sunday 11th June 2023 and the CRO has published FAQs to provide further information.    Click to read the Governor of the Central Bank’s blog on crypto and how we can protect the consumer. He discusses the Central Bank’s position on the monitoring and regulation of crypto, decentralised finance, and the scope for leveraging its potential. He references the crypto ecosystem and the risks from crypto and how to address the crypto risk. He also welcomes the European Parliament’s recent approval of the Markets in Crypto Assets Regulation (MiCA). The Minister for Finance recently spoke at a dinner for the Irish Funds sector .He spoke generally about the sector and also mentioned recent Cabinet approval for a review of the Funds sector which  will seek to ensure that the funds sector framework is up-to-date and fit for purpose in the years ahead and that it continues to support national and regional economic growth, as well as job creation. The review will involve a consultation and a 3-month period for completion of submissions.  The Workplace Relations Commission recently published its annual report for 2022. In the report you can read about its activities for the year, and it includes information on Inspection and Enforcement Service, inspections in 2022 and Civil Enforcement of Adjudication Awards together with complaints in 2022, details of its Conciliation, Advisory and Mediation Services and its legal division. In other news on the WRC, it has been directed under Section 20(2) of the Workplace Relations Act 2015, to prepare a Code of Practice on the ‘Right to Request Remote Working’ as required under Part 4 of the Work Life Balance and Miscellaneous Provisions Act 2023. See here for WRC website also for further information. To that end it is undertaking a public consultation with a view to drafting a Code of Practice on the Right to Request Remote Working. Submissions on this matter to be submitted to the WRC by 5pm on 9 June 2023. For further technical information and updates please visit the Technical Hub on the Institute website. Technical Hub on the Institute website.     

Welcome to this week’s Technical Roundup.    In developments this week, the Financial Reporting Council has welcomed the Financial Conduct Authority's recently published consultation on Primary Markets Effectiveness, which propose significant reforms to improve the framework for listing commercial companies' equity shares; IDA Ireland has published its May 2023 monthly e-zine where you can read its latest industry news including about the EU’s Chips Act and Irish aerospace collaboration securing €2.5m Disruptive Technologies Innovation funding. Read more on these and other developments that may be of interest to members below.  Financial Reporting The Institute has recommended, in its response to FRED 82, that the FRC allow small companies an additional three years before they must apply the proposed leasing amendments set out in the Periodic Review of FRS 102. This recommendation is in recognition of the increased compliance demands and reporting requirements which some smaller companies will be exposed to as a result of the changes, as well as the potential consequence that some companies will increase in size as a result of the change. The European Financial Reporting Advisory Group (EFRAG) has issued its April 2023 update. This summarises public technical discussions held and decisions taken during the month. The Financial Reporting Council (FRC) has welcomed the Financial Conduct Authority's (FCA) recently published consultation on Primary Markets Effectiveness, which propose significant reforms to improve the framework for listing commercial companies' equity shares.   The FCA's proposals aim to improve the competitiveness of the UK equity market by creating a more attractive and compelling option for companies considering a share listing in the UK. The proposals include replacing the current standard and premium listing share categories with a single listing category for commercial company issuers of equity shares, retaining the sponsor regime with modifications, and retaining discrete listing categories for other types of instruments. Audit Chartered Accountants Ireland has responded to the IAASB consultation on the Proposed Part 10, Audits of Group Financial Statements of The Proposed ISA For Audits of Financial Statements of Less Complex Entities (ISA for LCE).  The initial proposed ISA for LCE (in 2022) excluded all groups from the scope of the standard, the proposed changes would include some groups, a move we welcome in our response. The IAASB envisions approving a final standard in December 2023. Institute responses to recent consultations can be read here. Accounting The International Accounting Standards Board (IASB) have issued their April 2023 Update which highlights preliminary decisions and projects affected by these decisions. Anti money laundering In April 2023 the UK National Crime Agency has issued its latest edition of its booklet “Suspicious Activity Report (SAR) Glossary Codes and Reporting Routes” and this booklet replaces all previous glossary codes publications. Sustainability Would you like to know more about the Corporate Sustainability Reporting Directive (CSRD)? Join Dee Moran, Professional Accountancy Lead, Chartered Accountants Ireland and Lisa Campbell, Head of Operations in IAASA to understand more about the directive and what future developments might mean for your organisation. There will also be an overview of the proposed European Sustainability Reporting Standards, an update on the assurance of sustainability reporting and an opportunity to ask questions. The webinar will take place on 25 May at 10am and you can register here to attend. Other IDA Ireland has published its May 2023 monthly e-zine where you can read its latest industry news including about the EU’s Chips Act and Irish aerospace collaboration securing  €2.5m Disruptive Technologies Innovation funding. The Charities Regulator has recently issued its latest newsletter  and includes new guidance on charity registration and information on the Charities Regulator stakeholder forum . For further technical information and updates please visit the Technical Hub on the Institute website.